USD/CAD: bulls took a pause

USD/CAD: bulls took a pause


BUY 1.2595

SL 1.2540

TP1 1.2790 TP2 1.3240

On the daily chart, bulls manage to stay above support at 1.2460 and renew October low. As a result, the odds of the pair reaching 88.6% target of the inverted “Shark” pattern increased. It’s situated near 1.3240.


On H1, USD/CAD broke above the upper border of the 1.2440-1.2555 consolidation range. This allowed bulls to form long positions. To continue the rally towards 224% target of AB=CD pattern, bulls need to keep the pair outside of the triangle.





Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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